Remove short ribs from refrigerator at least 30 minutes, but not more than 2 hours, before cooking. Season generously with salt and black pepper, to taste, and set aside.
Select the “Sauté” function on the Instant Pot® and add one tablespoon olive oil once hot. Add seasoned short ribs and sear on each side, approximately 2-3 minutes per side. (Work in batches, if necessary, adding more olive oil as necessary). Transfer seared ribs to a plate and set aside.
Add remaining olive oil, yellow onion, and carrots to Instant Pot®. Sauté, stirring occasionally, until vegetables become golden brown, approximately 4-5 minutes. Add garlic and sauté for another 60 seconds.
Pour in broth, balsamic vinegar, red wine, and honey. Stir to combine, gently scraping any brown bits off the bottom of the pot with a wooden spoon in the process. Continue cooking for 2-3 minutes before turning the unit off.
Return seared short ribs to the pot and add bay leaves and fresh herbs. Add lid and lock into place. Switch the vent to “Sealing” and set the “Manual” setting to 45 minutes.
When cook time is complete, allow pressure to release naturally for 10 minutes, then manually release any remaining pressure, if necessary.
Remove lid and discard the bay leaves and woody stems from the rosemary and thyme. Carefully transfer short ribs and carrots to a serving platter and cover to keep warm. Set aside.
With an immersion blender, blend the pan sauces until smooth. Taste and adjust seasonings, as desired.
Serve short ribs and carrots immediately over a bed of mashed potatoes or cauliflower. Drizzle with some of the sauce and serve immediately. Enjoy!